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"Sticky" Shelter Prices Soar In May

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May's CPI report sees fresh multi-decade highs for owner equivalent rent (+0.604% M/M, up from +0.46% in April; had been between 0.4-0.5% for the previous 8 months so this is a big breakout). Meanwhile, rent of primary residence prices rose +0.63% (up from +0.55% in Apr).

  • This is very important and has hawkish rate implications since shelter inflation is seen as being particularly "sticky" to the upside.

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May's CPI report sees fresh multi-decade highs for owner equivalent rent (+0.604% M/M, up from +0.46% in April; had been between 0.4-0.5% for the previous 8 months so this is a big breakout). Meanwhile, rent of primary residence prices rose +0.63% (up from +0.55% in Apr).

  • This is very important and has hawkish rate implications since shelter inflation is seen as being particularly "sticky" to the upside.